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Registry Of Companies To Move Into New Premises And Use Blockchain based System

An agency called the Registry of companies will move into new premises and use a blockchain based system. The agency is a public registry which holds registered information and documentation related to new and existing companies.

The new premises are said to set up an integral part of the technological and innovative activity. The Maltese academic Silvio Schembri said, “The need for the Agency to move into new premises reflects the pace at which Malta’s economy is growing. In fact in 2012 around 58,783 were registered in Malta which starkly contrasts with the 91,600 companies registered by May 2019, meaning an increase of 55% in a span of 6 years. Hence, in view of these results, it was only natural for the Agency to look for better accommodated premises to work from.”

The new premises are said to strengthen agency operations. Addressing better challenges is a purpose behind the agency operations strengthening. The new premises are also said to seek about the serving for consumers and operators in an efficient manner with no unnecessary delays.

The agency serves itself as a standalone agency since the end of 2018. Responsibility was given to the agency through the new Legal Act. The responsibility was related to assets, liabilities, and obligations.

The location of the agency will be Żejtun. The Agency will set up Capital Gains office. Its offices will be designed with the latest technology. Meeting rooms, a training room, a board room, first aid room, archives, conference hall, canteen facilities, and parking will be there for all staff.

The agency is now recruiting new staff for 7 new units. The new units will be HR Unit, the Legal Unit, the Finance and Administration Unit, the IT Unit, the International Affairs, Research, and Communications Unit, Internal Audit Unit and the Enforcement and Compliance Unit.

The Parliamentary Secretary said, “Through an extensive investment in IT, the Registry of Companies will be more efficient and will lessen unnecessary bureaucratic procedures. It will be run by a system which will handle all of the processes performed by the Registry of Companies. The new system will make possible the provision of new services which with the present system are not being provided bringing the agency the first in the world to be run on a Blockchain based system,” Malta Independent reported.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Shabnam Dhar is a Copy Editor for OWLT Market.

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